This week is International Fraud Awareness Week. The anti-fraud campaign was established by the Association of Certified Fraud Examiners in 2000 and each year it brings together anti-fraud professionals and communities from across the globe.
Discussing the theme of the week with Digital Journal is Randolph Barr, CISO at Cequence Security.
Barr underscores this important time as retailers and shoppers prepare for a surge in cyber-threats aimed at sensitive data and causing major disruption.
Barr notes the approaching holiday season: “Fraud Awareness Week arrives at a crucial time as retailers and shoppers brace for an increase in cyber threats targeting sensitive data and causing significant disruption. Fraud continues to cost companies, governments, and individuals billions of dollars each year, making proactive security measures more important than ever.”
The psuh online continues to create challenges, observes Barr: “The combination of reduced staffing and a surge in online activity driven by seasonal sales and promotions creates an ideal environment for cybercriminals to exploit vulnerabilities. Without robust bot and API protection, retailers face the very real risk of substantial financial losses, customer trust erosion, and reputational damage.”
The use of Application Programming Interfaces is critical for retailers to extract value. Here Barr finds: “In today’s digital-first retail environment, APIs are essential for powering seamless customer experiences, from payment processing and inventory management to personalized shopping journeys. However, these same APIs also present a vulnerable attack surface. If left unsecured, they can become an entry point for fraudsters to infiltrate systems and steal sensitive data.”
Another important area is artificial intelligence: “Furthermore, the introduction of AI into retail services can expand the attack surface, introducing new vulnerabilities that attackers can exploit. As AI becomes more integrated into retail operations, from personalized shopping experiences to inventory and supply chain management, the risks associated with securing these systems multiply.”
As the extent of the threat over these coming weeks, Barr cites recent data affecting an earlier stage this year: “Recent data from the Labor Day sales gives us a glimpse of the threats ahead. Cequence observed a staggering 79 percent increase in blocked bot traffic compared to last year, underscoring the growing sophistication of cybercriminals. This surge highlights the urgent need for retailers to adopt proactive security measures to safeguard not only their websites but also their APIs and overall digital infrastructure.”
